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Pearl Asian Mining Industries Reports that it has Entered into a Cooperation Agreement with China's Biggest Gold Refining/Smelting Company
Business Wire - November 16, 2006 09:45
A Safety and Security at Project Cagayan de Oro Further Strengthened as Peace and Order Agreement is Reached with Local Leaders of Surrounding Areas


MANILA, Philippines, Nov 16, 2006 (BUSINESS WIRE) -- PEARL ASIAN MINING INDUSTRIES, INC. (OTC:PAIM) reported today that it has entered into a cooperative arrangement with China National Gold Corporation (CNGC), which owns and operates the largest gold smelting plant/refinery in China. The Memorandum of Understanding (MOU) was signed last November 11th, 2006 at CNGC's Headquarters in Beijing, China by E. Pearl Asian, Founder/Chairman of PAIM, and Mr. Xie Yuanyuan, General Manager of the CNGC International Trading Company. The MOU outlines the forging of a synergistic working alliance between PAIM and CNGC resulting in a mutually beneficial business partnership, which includes smelting & refining of Pearl Asian's gold bullion to at least 99999% purity and the design of processing equipment for PAIM's various Philippine mining prospects, among others.

"This MOU is another step taken by Pearl Asian Mining Industries to ensure that its core competencies are enhanced, particularly in gold processing and refining," stated E. Pearl Asian. "Pearl Asian is currently evaluating at least five (5) new small-scale mining areas and at least two (2) on-going large-scale mining concerns, and not to mention XYZ mine which is still under right-of-way negotiations, and this list of mining prospects continues to grow by the day. With the company's aggressive thrust to explore and acquire new mining projects, all of which will require processing equipment, one of the main benefits from this new agreement is the facilitation of design and acquisition of the necessary processing machinery, at optimum cost considering the low manufacturing, design, freight and other associated costs of importing from China. CNGC has been proven to be a trusted supplier of efficient gold processing equipment, as evidenced by its continuing business relations with more than 40 firms outside China, including some of the biggest mining companies in Russia and Eastern Europe," E. Pearl Asian added.

In another development, Pearl Asian Mining also announces the strengthening of security and personnel safety at Project Cagayan de Oro after a discussion with local leaders resulted in a Peace and Order Covenant. The said meeting was presided by E. Pearl Asian at Hotel Koresco, Cagayan de Oro City, last November 8th, 2006, and present were three sultans or muslim leaders, six leaders of indigenous tribal communities, and other Pearl Asian Mining officers and staff. "With this covenant, we expect to go full-speed with our target to produce revenues within this quarter as the safety and security of our personnel are ensured especially along the roads leading to the minesite," stated Bro. Manny Tecson, EVP-Community Relations Officer.

FORWARD STATEMENTS:

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Pearl Asian Mining Industries Inc. - Philippines